2021 THIRD QUARTER RESULTS
04 November 2021 - 1:00PM
The following is an extract from the “CNH
Industrial 2021 third quarter results” press release. The complete
press release can be accessed by visiting the media section of the
CNH Industrial corporate website:
https://www.cnhindustrial.com/en-us/media/press_releases/Pages/default.aspx
or consulting the accompanying PDF:
CNH Industrial reports solid third
quarter performance. Consolidated revenues of $8.0 billion
(up 23% compared to Q3
2020), net income of $329 million, adjusted diluted EPS of
$0.36, and adjusted EBIT of Industrial Activities of
$469 million (up $231 million or some 100%). Free
cash flow of Industrial Activities negative $0.7
billion.
Financial results presented under U.S. GAAP
Net sales of Industrial Activities of
$7,537 million, up 23%, with increases in all
segments due to continued strong industry demand and price
realization.
Adjusted EBIT of Industrial Activities of
$469 million ($238 million in Q3 2020), with
Agriculture adjusted EBIT of $415 million continuing the
strong performance of the segment. Adjusted EBIT increased by $58
million and $45 million for Commercial and Specialty Vehicles
and Construction, respectively. Powertrain adjusted EBIT of
$44 million ($60 million in Q3 2020).
Adjusted net income of $496
million, with adjusted diluted earnings per
share of $0.36 (adjusted
net income of $156 million in Q3 2020, with adjusted diluted
earnings per share of $0.11). In the first nine months of 2021,
adjusted diluted earnings per share was $1.10, surpassing all past
full year performances.
Reported income tax expense of $79 million, with
adjusted effective tax rate (adjusted ETR) of
13% and 22% for the three and
nine months, respectively. Both ETRs reflect favorable changes to
the Company’s expected geographic mix of pre-tax earnings and net
discrete tax benefits.
Free cash flow of Industrial Activities was
negative $0.7 billion due to
seasonal working capital absorption, exacerbated by supply chain
disruptions in the latter part of the quarter. Total Debt of
$23.7 billion at September 30, 2021 ($26.1 billion at
December 31, 2020). Industrial Activities
net cash position at $0.7 billion, a
decrease of $0.7 billion from
June 30, 2021.
Available liquidity at $13.5
billion as of September 30, 2021. In
September 2021, CNH Industrial Capital Canada Ltd. issued
CAD$300 million in aggregate principal amount of 1.50% notes
due October 1, 2024.
- 20211104_PR_CNH_Industrial_Q3_ 2021
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